In Tuesday’s (2/10) Chronicle of Philanthropy, Suzanne Perry and Grant Williams report, “The economic-stimulus package passed by the Senate today does not include a number of measures that nonprofit and foundation leaders had proposed to help ease the impact of the recession on the philanthropic world. As these provisions were also left out of the House bill, the chances that they will be included in the final stimulus package are slim.” One key measure was “a $15-billion bridge-loan fund that was proposed by Independent Sector, a coalition of charities and foundations. The coalition says the money is needed to help charities that receive late payments from cash-strapped state governments while also facing a tight credit market. … Independent Sector says the bridge-loan fund is critical, and it will continue to fight for it if it does not end up in the stimulus package.” Other measures included a “flat” excise tax for private foundations; a proposal allowing donors to transfer funds from retirement accounts to donor-advised accounts; and an increase in the tax deduction for people using their vehicles to volunteer.
